NJ, Israel ink economic collaboration agreement

The Murphy administration and the Israel Innovation Authority inked an agreement aimed at strengthening economic ties between the “innovators” and tech industries of Israel and New Jersey. - (THINKSTOCK)

The Murphy administration and the Israel Innovation Authority inked an agreement aimed at strengthening economic ties between the “innovators” and tech industries of Israel and New Jersey, the governor’s office announced Sunday.

Tim Sullivan, CEO of the New Jersey Economic Development Authority, signed a formal memorandum of understanding with IIA, an arm of the Israeli government aimed at boosting industrial research and development and the innovation economy within the country.

Sullivan, who took the helm of the EDA in February, joined Gov. Phil Murphy and senior administration officials on a nine-day trip across Germany and Israel, aimed at boosting economic ties between New Jersey and the two nations and attracting businesses and investment from those countries into New Jersey.

Murphy said that New Jersey’s existing relationship with Israel already amounts to $1 billion annually in “shared economic activity,” which could increase under the agreement.

“The Garden State and Israel both have economies deeply rooted in innovation as well as brilliant scientists, researchers, and academic minds doing ground-breaking work across a broad spectrum of high-growth sectors,” Murphy said Sunday in a prepared statement.

Under the MOU, Israel and New Jersey will collaborate on key areas of promising economic growth, including cybersecurity, life sciences and innovation overall. The agreement could also result in greater collaboration between start-up companies in both Israel and New Jersey.

That same day, Murphy signed a similar MOU with Hacker U, a Tel Aviv-based cybersecurity consulting firm considering a footprint in New Jersey.

Hacker U would work with Choose New Jersey, the state’s private non-profit international and interstate marketing arm, to look at how a move into the state would be possible.

“Gov. [Phil] Murphy has laid out a bold vision to reclaim New Jersey’s place at the forefront of innovation and the steps we have taken this week to partner with the IIA will forge collaboration and will open the door to new opportunities for New Jersey’s technology and life sciences companies,” Sullivan said in a statement.